• $33 million in positive net cash flow achieved
• 1.5Mtpa annualised underground run-rate achieved ahead of schedule
• $482 million reduction in liabilities upon conversion of LG Energy Solution convertible notes

Liontown Limited (ASX: LTR) delivered its strongest financial performance since production commenced, with $55 million positive cash flow from operating activities and overall positive net cash flow for the quarter of $33 million. The company closed the reporting period with a cash balance of $424 million and 26,270 dmt of saleable concentrate on hand. The result reflects the combination of a sustained rebound in the price of spodumene and the strong operational progress Liontown has made through this transitional year. With Kathleen Valley operating as a 100% underground mine for an entire quarter for the first time, operational performance was solid, with the 1.5Mtpa annualised underground run-rate achieved early in the period. Processing performance remained stable, with lithia recovery averaging ~61%, consistent with the company's decision to sequence additional open pit stockpile material through the plant. Liontown sold 83,912 dmt of spodumene concentrate across five parcels at an average grade of 5.1% Li2O, generating $197 million in revenue at an average realised price of US$1,845/dmt SC6e. The material improvement in realised pricing reflects the flow-through of stronger spodumene market conditions into contracted sales during the period. With positive market conditions, a fully underground operation performing to guidance, and growth plans advancing with the refresh of the expansion study, Liontown enters the June Quarter with strong momentum.

FY2026 guidance maintained.

The company is building for what comes next, with the expansion study underway and early works and long-lead procurement commitments made. Liontown is finishing the financial year with genuine momentum in unlocking the full potential of Kathleen Valley.